CAIT asks government to allow sale of old stocks till March

NEW DELHI: Traders body CAIT today claimed that goods worth Rs 6 lakh crore may become redundant if the last date for using MRP-labelled old stock is not extended beyond September 30.

It said with implementation of the Goods and Services Tax (GST) in July, it was provided that stocks as on June 30 having mandatory MRP labeling could be sold only up to September 30 by pasting new MRP stickers and from October 1, packed goods having new printed MRP could be sold only.

"It is estimated that goods pertaining to period prior to July worth about Rs 9 lakh crore are still in the market and out of which, about Rs 6 lakh crore is in packaged condition having MRP.

"If the date is not extended, than this huge quantum of goods cannot be sold in the market from October 1," it said in a statememt.

Under such a scenario, it said, the government should extend the date up to March 31, 2018 to facilitate traders to liquidate old stock.

The all-equity merger deal includes an exchange ratio of 4.39 HUL shares for each GSK Consumer India share, along with GSK entire operations of nutrition business and contract to distribute the latter's over-the-counter (OTC) and oral care brands such as Sensodyne, Eno and Crocin.